Insurance Policy

What is a Life Insurance Policy?

A Life Insurance Policy works as a lifeguard that protects your family member in case of unfortunate demises of the insured individual. When you buy a life Insurance policy, you have to pay a premium to the insurance company that guarantees to provide sum insured to the insured person in the event of sudden death. This kind of insurance provides financial assistance to the insured family in the absence of the policyholder. Basically life insurance is a type of long term investment.

Importance of Life Insurance

importance of life insurance

In this uncertain life, the Insurance policy has become an essential expense to secure the future of our family. Following are some of the reasons:

  • Provides financial security and safety net
  • safeguards your family’s goals
  • Encourages savings
  • Effective risk management tool
  • Provides peace of mind

Top 9 Life Insurance Companies in India:

As we all know insurance companies have multifarious options in policies, but make sure to check the details of the policy. Moreover, the policy you buy must fulfill the needs that you want in your policy.

Here is the list of top 9 life insurance policies in India:

9. Life Insurance Corporation of India

Claim Settlement Ratio: 98.04%

Premium (in INR): 17228

Life Insurance Corporation of India popularly known as LIC is one of the top life insurance companies in India. LIC is possessed by the Indian government. Being a governmental insurance company, it is one of the top 10 insurance companies in India. It was established in the year 1956. Life insurance corporation of India is accessible to every Indian in the nation with 2048 branches.

 LIC is a trusted insurance company that offers suitable plans to its clients through its excellent customer services through branch offices as well as on the digital platform.

8. SBI Life Insurance CompanySBI-Life-Insurance

Claim Settlement Ratio: 92.13%

Premium (in INR): 15070

State bank of India (SBI) Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Cardiff. BNP Paribas Cardiff is one of the French multinational bank and financial services companies.

SBI Life Insurance Company was started as bancassurance but now it is extended to the multi-distribution channel. Moreover, the company has been growing because of excellent customer service and product innovations.

 

7. Max Life Insurance Company

Max Life Insurance

 

Claim Settlement Ratio: 95.26%

Premium (in INR): 10148

Max Life Insurance Company was founded in 200 as it is the oldest and largest insurance company in India. Moreover, it is a non-bank private sector insurance company in India.

It is one of the fastest-growing top life insurance companies in India. Apart from this, the assets of Max Life have touched the mark of Rs.50, 000 Crores.

This Insurance Company is a joint venture between Indian Max India Ltd and Mitsui Sumitomo Insurance Company. Max Life insurance company has around 30 lakhs customers. In this digital world, they have a strong online presence with a wide range of products, multi-distribution channels, etc.

When it comes to customer service, they provide high-quality customer services. For this; Max Life has been getting awards consistently.

 

6. Bajaj Allianz Life Insurance CompanyBajaj life insurance

 

Claim Settlement Ratio: 83.94%

Premium (in INR): 14067

Bajaj Allianz Life Insurance Company founded in the year 2001. It is also a joint venture between Bajaj Allianz Life and Bajaj Finserv Ltd of Bajaj Group. Bajaj Allianz Life Insurance Company has 759 branches across the nation so that people can access innovative insurance solutions. It is famous for its innovative products and top customer service. Bajaj alliance got numerous awards for its contribution to the insurance industry.

5. PNB MetLife Insurance CompanyPNB MetLife

Claim Settlement Ratio: 82.40%

Premium (in INR): 10146

PNB MetLife Insurance Company founded in the year 2001. It is one of the top life insurance companies in India. This insurance company serves lakhs of customers over 7,000 locations through multi-distribution channels. Moreover, customers are happy and satisfied with their offerings like suitable life insurance policies and savings products.

The great thing about PNB MetLife, they have received a plethora of awards for its excellence in the insurance.

4. HDFC Life Insurance Company

Claim Settlement Ratio: 88.63%

Premium (in INR): 12478

HDFC Life Insurance Company is one of the top life insurance companies in India. It is founded in the year 2000. Also, this company is also a joint venture between HDFC and Standard Life Aberdeen. Standard life Aberdeen is a global investment company. They serve its customers all over the nation via 412 branches, distribution channels, and bancassurance partners.

 HDFC Life provides the best insurance and investment solutions to customers. With their strong digital presence, all the services are accessible to the customers easily. HDFC Life has also received many awards for its constant efforts in the Insurance Industry of India.

3. Birla Sun Life Insurance Company

Birla sun life insurance

Claim Settlement Ratio: 90.51%

Premium (in INR): 10270

Aditya Birla Sun Life Insurance Company has started in the year 2000. This life insurance company is a subsidiary of Aditya Birla Capital Limited. Moreover, Aditya Birla company was together formed by Aditya Birla Group and Sun Life Financial. Sun life is a Canadian financial services organization.

Birla Sun Life is one of the best life insurance companies in India that offers all insurance solutions. Their insurance solutions include pension plans, savings plans, and many new-age products.

 The company has a huge online and offline presence with 425 branches across the nation, 9 bancassurance partners, and a plethora of distribution channels. Moreover, they have 85,000+ direct selling agents who reach customers widely. Birla Sun Life Insurance Company has also got many accolades for its regular contribution to the insurance sector.

2. Kotak Life Insurance Companykotak life insurance

Claim Settlement Ratio: 88.88%

Premium (in INR): 9558

Kotak Life Insurance Company is the fastest-growing and top life insurance company in India with more than 20 million policyholders.

The parent company of Kotak Life Insurance Company is Kotak Mahindra Bank who is managing all the things in the insurance industry. Currently, the Kotak Life Insurance company has more than 32 products, 10 Unit Linked Investment Plans, 18 riders, and 9 group products to offer. Basically, Kotak Life has a diverse range of insurance products for all sections of society. Kotak Group has gotten many awards in the industry of financial services. Moreover, they have been recognized consistently for their achievements.

 

1. ICICI Prudential Life InsuranceICICI Life Insurance

Claim Settlement Ratio: 92.03%

Premium (in INR): 12502

ICICI Prudential Life Insurance Company Limited was incorporated in the year 2000. It is the first private life insurance company and one of the best life insurance companies in India. It has its presence all over the country with its bancassurance channel and distribution channels.

 ICICI Prudential Life company has various long-term protection plans and savings plans for customers. Most of the people like to buy life insurance policies from this insurance company just because of its excellence in the field of insurance.

 ICICI Prudential Life Insurance Company has been getting multifarious awards.

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